Abstract (English)

Even in Austria changes of ownership through merges and aquisitions (M&As) has increased strongly through the last decade. We distinguish between M&As by foreign companies from those of domestic companies and try to find specific differences between those two forms of M&As. For that purpose we have conducted seven in depth case studies.The results provide evidence that success or failure depends mainly on the specific assets of the domestic firm which has been acquired. The main reason for foreign and domestic acquisitions is a stronghold in Eastern European markets which was almost always the main reason for the acquisition. Moreover even the intention of the acquirer plays an important role. Only if long-lasting strategic reasons prevail the acquisition has positive impacts for the Austrian firm. Generally speaking it is mainly the restructuring concept of the new owner and its integration into the corporation and less the nationality of the new owner which determines the final outcomes.